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July 26, 2022US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, MAY 2022 S&P Dow Jones Indices today released data for the S&P CoreLogic Case-Shiller Home Price Indices for May 2022.
Month over Month (May 2022 vs. Apr 2022, seasonally adjusted)
S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices rose by 1.0% from the previous month. The 20-city and 10-city composite average both rose by 1.3%.
Month-over-month housing prices were up for all 20 major urban centres. Miami, Tampa, and Dallas reported the largest gains. Portland, Seattle, and San Diego reported the slowest growth.
Year over year (May 2022 vs. May 2021, seasonally adjusted)
Compared with May 2021, national US house prices rose by 19.8%. The 20-city composite average rose by 20.5% while the 10-city composite rose by 19.0%.
Housing prices were up for all 20 major urban centres. Tampa, Miami, Phoenix, and Dallas reported the largest gains. Chicago, Washington, and Minneapolis reported the slowest growth.
Year to date (Jan-May 2022 vs. Jan-May 2021, seasonally adjusted)
US national house prices rose by 20.1% compared to the same period last year. The 20-city composite average rose by 20.4% while the 10-city composite rose by 18.9%.
Housing prices were up for all 20 major urban centres. Tampa, Phoenix, and Miami reported the largest gains. Chicago, Washington, and Minneapolis reported the slowest growth.
The 20-City Composite Index includes Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington DC. The 10-City Composite Index includes Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington DC.
Trends and Comparisons
After bottoming out in 2012, US house prices grew at a steady pace up to 2020 before accelerating in 2021. Canadian urban house price growth (measured by the Teranet-National Bank House Price Index) grew more rapidly starting in 2016 and accelerated again in 2020. Canadian 11-city composite house prices increased 16.7% June 2022 vs. June 2021. After a long period of slow growth, house prices in Halifax started to accelerate in 2019, and were up 30.8% growth from June 2021 to June 2022.
Source: S&P Dow Jones Indices
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